Paychex Chief Financial Officer John Morphy to Retire

Paychex Chief Financial Officer John Morphy to Retire09:15 EDT Wednesday, May 04, 2011
ROCHESTER, N.Y. (Business Wire) -- Paychex, Inc., a leading provider of payroll
and human
resource services, today announced the retirement of John M. Morphy
as senior vice president, chief financial officer, secretary, and
treasurer. He will remain with the company through the end of 2011.
Paychex also announced the appointment of Efrain Rivera as its new
senior vice president, chief financial officer, and treasurer. A former
corporate vice president and chief financial officer for Bausch & Lomb,
Rivera begins his new role with Paychex on June 1, 2011.
Retiring Paychex senior vice president, CFO, secretary, and treasurer John Morphy. (Photo: Business Wire)
“During his 15 years as chief financial officer of Paychex, John has
been a key contributor to the company's success. His leadership and high
standards of ethics and integrity have been important assets in building
Paychex's credibility in the investment community,” said Paychex
president and chief executive officer Martin Mucci. “I thank John for
his many contributions in this area and wish him well in his upcoming
retirement.”
Mucci also expressed his appreciation for Morphy's commitment to helping
ensure a smooth transition for his successor.
“As an experienced senior financial executive, Efrain brings to Paychex
a strong skill set and deep educational background that will make him a
valuable member of our management leadership team,” Mucci said. “He has
demonstrated strategic capabilities that will help us focus on further
growth for the company. I welcome Efrain to Paychex and look forward to
his leadership.”
Efrain Rivera
During his 20 years with Bausch & Lomb, a global eye health company,
Rivera held several senior management positions, culminating with his
role as corporate vice president and chief financial officer. When he
left the company in 2009, Bausch & Lomb had $2.5 billion in revenues and
11,000 employees. Through his tenure, his responsibilities ranged from
managing the company's commercial operations in Latin America and
Canada, to leading finance for Bausch and Lomb's global vision care
division, to overseeing the firm's treasury operations, including
management of a $600 million investment portfolio.
In his role as CFO for Bausch & Lomb, Rivera transitioned the company to
private ownership. After leaving Bausch & Lomb in 2009, he joined one of
his alma maters, Houghton College, as vice president of finance and
administration. Rivera earned his Bachelor of Science degree from
Houghton, a liberal arts and sciences college in Western New York.
Rivera, a native of Paterson, New Jersey, also holds a Doctor of
Management degree from Weatherhead School of Management at Case Western
Reserve University in Cleveland, Ohio. Additionally, he earned his
Master of Business Administration from the William E. Simon Graduate
School of Business at the University of Rochester in Rochester, New
York, and a Juris Doctor degree from New York University in New York
City.
John Morphy
Morphy joined Paychex in October 1995 and was elected the company's vice
president, chief financial officer, secretary, and treasurer in 1996. He
was named senior vice president in 2002.
Prior to joining Paychex, Morphy was vice president of finance for
Goulds Pumps, the world's largest pump manufacturer and a brand of ITT.
Previously, he was vice president and controller for Computer Consoles,
Inc., an equipment manufacturer for the telecommunications and office
automation markets. Morphy began his career at accounting firm Arthur
Andersen & Company. A native of Rochester, New York, Morphy holds a
Bachelor of Science degree in accounting from LeMoyne College in
Syracuse, New York.
About Paychex
Paychex, Inc. (NASDAQ:PAYX)
is a leading provider of payroll, human resource, and benefits
outsourcing solutions for small- to medium-sized businesses. The company
offers comprehensive payroll services, including payroll processing,
payroll tax administration, and employee pay services, including direct
deposit, check signing, and Readychex®. Human resource
services include 401(k) plan recordkeeping, section 125 plans, a
professional employer organization, time and attendance solutions, and
other administrative services for business. A variety of business
insurance products, including group health and workers' compensation,
are made available through Paychex Insurance Agency, Inc. Paychex was
founded in 1971. With headquarters in Rochester, New York, the company
has more than 100 offices serving approximately 536,000 payroll clients
nationwide as of May 31, 2010. For more information about Paychex and
our products, visit www.paychex.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6709383&lang=en
Media:Paychex, Inc.Becky CaniaCorporate
Communications Manager585-387-6337bcania@paychex.com

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